ESPN’s Dave McMenamin​ reported Monday that Dellavedova had agreed to a one-year, $1.2 million deal, keeping him in Cleveland for his third NBA season.

By accepting the Cavaliers' qualifying offer, the 24-year-old Australian will not become an unrestricted free agent until next offseason.

Dellavedova averaged 4.8 points, 3.0 assists and 20.6 minutes per game in 67 games for the Cavaliers last season, serving primarily as a backup point guard to All-Star Kyrie Irving. Dellavedova will return to his backup role this season, but also see some time at shooting guard with the return of guard Mo Williams.

After Irving was injured in Game 1 of the NBA Finals, Dellavedova came off the bench and was tasked with stopping NBA MVP Stephen Curry. Though Dellavedova was lauded for his performances in the Cavaliers' wins in Games 2 and 3, the Warriors went on to beat the Cavaliers in six games to become the 2015 NBA Champions.

Dellavedova will play for Australia at the FIBA Oceania Championship​ next month before rejoining the Cavaliers.